Despite Having Luxury Cars and Lavish Lifestyle, Beauty Mogul Kylie Jenner is Struggling with Her Business
People often mistake the American media personality, Kylie Jenner of being a billionaire. We can’t really blame them. We’ve seen the socialite drive around the city in different luxurious cars, travel around the globe in private jets, and sail across the seas in multi-million superyachts.
Fans have also witnessed her family’s extravagant lifestyle in E!’s reality television series, Keeping Up with the Kardashians. Born on August 10, 1997, the twenty-one-year-old model has already established a successful career in the beauty industry. She founded her own cosmetic company, Kylie Cosmetics before she even reached the legal age in 2015.
Kylie Lip Kits
Jenner launched her first set of Kylie Lip Kits in 2015 in partnership with Laura Nelson’s Seed Beauty and sold out within a minute.
Following the success of her product, she renamed the brand into Kylie Cosmetics in February 2016 and increased the production to 500,000 sets. By the end of that year, the company already amassed $300 million in revenue.
It continued to grow bigger, generating approximately $420 million in its first eighteen months. It was in 2018 where the rumor started that Jenner was on her way to becoming the youngest self-made billionaire in history.
Although the discussion about her personal net worth is still on debate up until now, it seems like the young entrepreneur is on the verge of losing her glory in the cosmetic industry.
The Downfall of Kylie Cosmetics
Kylie Cosmetics’ sales deflated by fourteen percent in 2019 from the year’s first day to the 31st of May. According to the reports, it was because the company failed to make its customers come back. With Jenner’s popularity, it is possible that people bought her product because of her name, but wasn’t impressed when they tried the product itself.
Based on the online reviews, a lot of customers were also disappointed by the quality of the products, as well as the company’s customer service. They received complaints about several issues on the orders that customer service failed to resolve.
Sixteen reviewers gave the Momager Kit a one star review on Ulta.com where Kylie Cosmetics made partnership in November 2018.
That same month, the company’s revenue went down by sixty-two percent. The sales of Kylie Cosmetics lip kits were down by 2.3% from June 1, 2016, to May 31 of this year, while its eye products declined 29% and the face make-ups by 8%.
If Kylie Cosmetics won’t bounce back any time soon, Jenner’s net worth may fail everyone’s expectations as the company failed its customers’ high hopes.
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